About Us

Automotive Properties REIT (TSX: APR.UN) is an unincorporated open-ended real estate investment trust focused on investing in high-quality automotive dealerships properties in strategic Canadian urban markets. The primary objectives of the REIT are to provide Unitholders with stable, sustainable and growing cash distributions, and to enhance and expand the REIT’s asset portfolio in order to maximize Unitholder value.

The REIT’s portfolio currently consists of 66 income-producing properties, located on approximately 200 acres throughout metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec. The properties encompass approximately 2.5 million square feet of gross leasable area, and are occupied by retail automotive dealerships, service centres and ancillary businesses.
The automotive dealership businesses represent the largest, most recognizable global automotive brands ranging from mass market vehicle brands through to the ultra-luxury segment, with a focus on European and Asian brands.

The Canadian automotive retail industry had sales of approximately $151 billion in 2020.

The automotive retail industry is Canada’s largest retail segment, accounting for approximately 25% of overall retail sales of products and merchandise in 2020.

Automotive Properties REIT’s portfolio is currently comprised of 66 income-producing properties, located on approximately 200 acres, representing approximately 2.5 million square feet of gross leasable area, in long-term growth markets across Canada.

Overview

Automotive Properties REIT (TSX: APR.UN) offers investors exposure to a unique real estate asset class. The REIT is focused on owning and acquiring automotive dealership properties in long-term growth markets in Canada.

Canada’s automotive retail industry is characterized by strong industry fundamentals. It is the largest component of retail sales and merchandise in Canada, with $151 billion of industry sales in 2020¹ (25% of Canada’s overall retail sales of products and merchandise¹). In addition to robust sales performance, automotive dealerships have demonstrated strong profitability.
The REIT’s property leases are structured as triple-net leases under which the tenant is responsible for all costs relating to repair and maintenance, realty taxes, property insurance, utilities and all non-structural capital improvements. The REIT’s portfolio has a weighted average lease term of approximately 11.9 years (as at September 30, 2021) and leases include contractual fixed rent increases, providing long-term organic growth.

Strategy and Objectives

The primary strategy of the REIT is to create long-term value for Unitholders by generating sustainable tax-efficient cash flow and capital appreciation.

The primary objectives of the REIT are to:

provide Unitholders with stable, predictable and growing monthly cash distributions on a tax-efficient basis;
maximize long-term Unitholder value by enhancing the value of the REIT’s assets; and
expand the REIT’s asset base while also increasing adjusted funds from operations (AFFO) per unit.
Management intends to grow the value of the REIT’s real estate portfolio while also increasing AFFO per Unit through accretive acquisitions and steady growth in rental rates. The REIT is leveraging its strategic arrangement with the its lead tenant, the Dilawri Group, Canada’s largest dealership owner, to acquire properties from the Dilawri Group that meet the REIT’s investment criteria. The REIT is also capitalizing on acquisition opportunities presented by other automotive dealership groups and owners that are interested in the recapitalization or sale of their business. Management is focused on acquiring properties that contribute to the REIT’s ability to generate stable, predictable and growing monthly cash distributions to Unitholders.

1 Statistics Canada

Team

Photograph of Milton Lamb, Chief Financial Officer
Milton Lamb
President and Chief Executive Officer

Milton Lamb is President and Chief Executive Officer of Automotive Properties REIT. With over 26 years of experience in the Canadian commercial real estate industry, Mr. Lamb has achieved a track record of successful commercial real estate transactions, development projects, and joint ventures totaling over $2.5 billion. Mr. Lamb has worked with the largest global real estate service companies including CBRE, Jones Lang Wootton (now known as JLL) and, most recently, Colliers International as Senior Vice President, a position he held from 2007 until joining Dilawri Real Estate Group as President in 2015. During his tenure at Colliers International, Mr. Lamb was Chair of the National Investment Services from 2008 to 2013, represented Canada on Colliers Global Investment Services and Colliers Investment Services Group (USA) for seven years. Mr. Lamb is a registered real estate broker and sole proprietor of Bream Realty Limited registered with the Real Estate Council of Ontario. Mr. Lamb was formerly a director of NAIOP Toronto and Big Brothers Big Sisters Toronto, and is currently a mentor for NAIOP Developing Leaders.

Photograph of Andrew Kalra, Chief Financial Officer
Andrew Kalra
Chief Financial Officer

Andrew Kalra is Chief Financial Officer of Automotive Properties REIT and has over two decades of experience in finance, 15 years of which have centred on the automotive industry. Mr. Kalra joined the Dilawri Group in 2014 to serve as the Vice President, Finance. Prior to his tenure at the Dilawri Group, Mr. Kalra was with Mazda Canada as Senior Director of Finance and Business Strategy for 12 years. Previously Mr. Kalra held senior financial positions in public companies including Nortel Networks Inc. and Walt Disney Canada, as well as at a Canadian chartered accounting firm. Mr. Kalra holds a Bachelor of Commerce from the University of Toronto and a CPA, CA designation.

Kapil Dilawri
Chair of the Board

Kapil Dilawri is the Co-Founder of the Dilawri Group and Vice-President and Secretary of Dilawri. For more than 30 years, Mr. Dilawri has been instrumental in growing the Dilawri Group from a single dealership in Regina to the largest automotive dealership group in Canada. Mr. Dilawri remains active in strategic initiatives and business operations of the Dilawri Group. In 2002, Mr. Dilawri co-founded the Dilawri Foundation, a charitable organization committed to giving back to Canada by supporting medical research, hospitals, children and their families.

Louis Forbes
Trustee

Louis Forbes is the former Senior Vice President and Chief Financial Officer of CT Real Estate Investment Trust, a retail-focused real estate investment trust, serving from the inception of CT Real Estate Investment Trust to December 31, 2018. Mr. Forbes is on the board of trustees of Flagship Communities REIT and has served as a trustee since the inception of Flagship Communities REIT in 2020. Mr. Forbes has over 30 years of real estate and finance experience. Prior to his appointment as Senior Vice President and Chief Financial Officer of CT Real Estate Investment Trust, Mr. Forbes was the Executive Vice President and Chief Financial Officer of Primaris Retail Real Estate Investment Trust from 2003 to 2013. Prior to serving in that role, Mr. Forbes was Vice President, Director and Senior Canadian Real Estate Equities Analyst of Merrill Lynch Canada, where he was responsible for covering North American real estate securities. Mr. Forbes also served as Vice President, Finance and Chief Financial Officer of Revenue Properties Company Limited. Mr. Forbes is a CPA, CA and holds a Bachelor of Science degree from McMaster University and a Master of Business Administration degree from Queen’s University. Mr. Forbes completed the Chartered Director Program at the Directors College, McMaster University.

Patricia Kay
Trustee

Patricia Kay served as Senior Vice President, Dealer Finance – National Accounts at Bank of America Merrill Lynch from 1998 to 2019. She has over 40 years of banking experience in the commercial banking industry, which includes 25 years focused on public and large private automotive retailers in the United States. Ms. Kay was instrumental in positioning Bank of America Merrill Lynch into its leading role serving the financial needs of the public auto retail sector. In the years preceding her retirement in 2019, she accumulated extensive expertise in the financial operations and capital structures of auto retailers. Prior to 1998, Ms. Kay served as a Vice President in Dealer Finance between 1993 and 1998, and a Vice President in Corporate Banking between 1980 and 1993, also at Bank of America Merrill Lynch. Ms. Kay holds an MBA from Indiana University and a Bachelor of Arts degree from Syracuse University.

Milton Lamb
Trustee

Milton Lamb is President and Chief Executive Officer of Automotive Properties REIT. With over 26 years of experience in the Canadian commercial real estate industry, Mr. Lamb has achieved a track record of successful commercial real estate transactions, development projects, and joint ventures totaling over $2.5 billion. Mr. Lamb has worked with the largest global real estate service companies including CBRE, Jones Lang Wootton (now known as JLL) and, most recently, Colliers International as Senior Vice President, a position he held from 2007 until joining Dilawri Real Estate Group as President in 2015. During his tenure at Colliers International, Mr. Lamb was Chair of the National Investment Services from 2008 to 2013, represented Canada on Colliers Global Investment Services and Colliers Investment Services Group (USA) for seven years. Mr. Lamb is a registered real estate broker and sole proprietor of Bream Realty Limited registered with the Real Estate Council of Ontario. Mr. Lamb was formerly a director of NAIOP Toronto and Big Brothers Big Sisters Toronto, and is currently a mentor for NAIOP Developing Leaders.

Stuart Lazier
Trustee

Stuart Lazier is the Chairman of Northbridge Investment Management which is a private equity real estate investment company located in Toronto. Mr. Lazier has more than 39 years of experience as a leader in real estate management and investment. Prior to selling his interest in Fiera Properties to his public company partner, Fiera Capital, Mr. Lazier was a partner, co-founder and the Chief Executive Officer of Fiera Properties Limited, a Canadian real estate investment management company. As a partner at Fiera Properties, and a member of the Board of Directors, Mr. Lazier oversaw all corporate initiatives and operations for Fiera Properties. Between 2001 and 2009, Mr. Lazier co-founded and played a key role in building KingSett Capital, now one of Canada’s leading real estate fund management firms. Prior to KingSett Capital, for 14 years, Mr. Lazier was the Managing Partner of Canada’s leading independent real estate management services company, Enterprise Property Group. Mr. Lazier merged this company with O&Y Enterprise, managing over 110 million square feet of commercial real estate, and assets of more than
$20 billion. Mr. Lazier has served his community as a board member and Chair of Covenant House Toronto, Chair of the Real Estate Committee for the Toronto United Way, Vice Chair of the Board of Governors at Upper Canada College, and Chairman of the Build Toronto Board of Directors. Mr. Lazier is currently a director of a number of other private companies and non-profit organizations. Mr. Lazier holds an MBA from the Richard Ivey School of Business at the University of Western Ontario.

James Matthews
Trustee

James Matthews has served as Chief Financial Officer of the Dilawri Group since 2007 and has served in the capacity of Chief Financial Officer for other Dilawri Group companies, and as a member of the Management Board of the Dilawri Group. During his tenure with the Dilawri Group, Mr. Matthews has played a key role in acquisition transactions, business operations, developments and redevelopments, and financing activities. Previously, Mr. Matthews held senior positions with industry-leading companies including Chief Financial Officer of W.K. Buckley Limited, VP Finance with KIK Custom Products Inc. and Regional Controller for Rogers Communications Inc. (cablevision division). Mr. Matthews holds a Bachelor of Administration in Finance and Economics from the University of Western Ontario and a CPA, CA designation.

John Morrison
Lead Independent Trustee

John Morrison is a past Trustee and Vice Chairman of Choice Properties Real Estate Investment Trust, a retail-focused real estate investment trust. Mr. Morrison has 40 years of experience in the commercial real estate industry, including as President and Chief Executive Officer of Choice Properties Real Estate Investment Trust from 2013 to 2018. Prior to his tenure at Choice Properties Real Estate Investment Trust, Mr. Morrison was President and Chief Executive Officer of Primaris Retail Real Estate Investment Trust from 2009 to 2013. Prior to serving in that role, Mr. Morrison was President, Real Estate Management, at Oxford Properties Group. Mr. Morrison is a third term Trustee of the International Council of Shopping Centres, currently serves on its executive board as Chairman and is a Director of the ICSC Foundation and Chairman of the ICSC Foundation Canada. He is also former Vice Chairman of the Urban Land Institute Toronto District Council. Mr. Morrison is an Institute-certified Director of the Institute of Corporate Directors and is a past Chairman of the Ryerson University Real Estate Advisory Committee. Mr. Morrison currently serves on the Dean’s Advisory Council for the Ted Rogers School of Business at Ryerson University and is a director of Bred Token Inc.

Governance

Automotive Properties REIT benefits from the active oversight of a seasoned Board whose Members offer diverse professional experience that spans the automotive industry, commercial real estate, corporate governance, finance and accounting. The mandate of the Board is to provide governance and stewardship to the REIT and its business for the benefit of all REIT stakeholders.

Committees and Membership

Audit Committee

Louis Forbes, Chair
Patrica Kay
Stuart Lazier
John Morrison

Governance, Compensation and Nominating Committee

Stuart Lazier, Chair
Louis Forbes
Patrica Kay
John Morrison

Policies and Charters (PDFs)